On March 14, the three major indexes fluctuated downward after opening lower, and the decline narrowed in the afternoon. As of the close, the Shanghai Composite Index fell 0.72%, the Shenzhen Component Index fell 0.77%, and the ChiNext Index fell 0.59%.
In general, individual stocks fell more than rose, and more than 3,900 individual stocks in the two cities fell. The turnover of the Shanghai and Shenzhen stock markets today was 932.4 billion, which was 93.1 billion higher than that of the previous trading day.
In terms of sectors, Chiplet, photoresist, pork, gold concept and other sectors were the largest gainers, while tourism, oil and gas, shipping, ChatGPT and other sectors were the largest decliners.
On the disk, the semiconductor sector strengthened in the afternoon. Fullerd rose by more than 11%, SMIC rose by more than 10%, and Jingfang Technology and Kangqiang Electronics rose by their daily limit.
Gold stocks rose sharply at the opening, Xiaocheng Technology rose by more than 10%, and Zhongrun Resources and Sichuan Gold rose by their daily limit.
Digital economy concept stocks were active in the market. Inspur Software’s daily limit, Taiji shares and Shensangda A all hit new highs in the stage, and the three major operators once rushed to the top.
In terms of decline, energy storage and other track stocks collectively adjusted in early trading, and rebounded in the afternoon. Shenghong shares and Sungrow Power once fell by more than 7%.
ChatGPT concept stocks weakened in late trading, Tom Cat and Haitian Ruisheng fell more than 10%.
Fasten, a superconducting concept stock, performed well during the session, with more than 100,000 closed orders and a turnover of more than 500 million yuan.
【Capital flows】
Statistics show that the total net purchase of northbound funds was 755 million yuan, of which the Shanghai Stock Connect net sale was 1.577 billion yuan, and the Shenzhen Stock Connect net purchase was 2.332 billion yuan.
In the late trading, the main funds flowed into the electronics, agriculture, forestry, animal husbandry and fishery, national defense and military sectors, and outflowed from the power equipment, computer, mechanical equipment and other sectors.
In terms of individual stocks, SMIC, China Satellite, and Muyuan received net inflows of 1.269 billion yuan, 982 million yuan, and 839 million yuan, respectively.
In terms of net outflows, Inspur Information, Tom Cat, and Zhongke Suguang suffered net outflows of 633 million yuan, 278 million yuan, and 272 million yuan, respectively.
【Institutional viewpoint】
Guotai Junan: Major coal groups are rich in unlisted coal assets. We expect that under the deepening reform of state-owned enterprises, the securitization of high-quality assets will be encouraged. At the same time, in order to avoid horizontal competition, the group’s asset injection is expected to accelerate, opening up room for the growth of listed coal companies, and the valuation can be expected to increase . Recommended: China Shenhua, China Coal Energy, Yankuang Energy, Hengyuan Coal Power, Lu’an Environmental Energy, Shanxi Coking Coal, etc.
CITIC Construction Investment: It is expected that the price of high-purity quartz sand and quartz crucible will continue to rise in 2023, and the price will continue to remain high in 2024. Investment suggestions: (1) Quartz sand suppliers benefit from concentration; (2) Quartz crucible: The supply of high-purity quartz sand, the core raw material, is limited. The quartz crucible factory that signed a long-term agreement with overseas high-purity quartz sand suppliers is expected to have a significant profit level Quartz crucible factories that have advantages in ensuring the supply of high-purity quartz sand will also benefit. (3) Silicon wafers: Leading silicon wafer manufacturers have significant advantages in the supply chain, and are expected to widen the non-silicon cost gap with second-tier companies.
Galaxy Securities: Overseas uncertainties further highlight the allocation value of A shares and RMB assets. The domestic economy is recovering, and the signs of improvement are obvious. With the continuous introduction of support policies, superimposed March entered the peak period of annual report disclosure, and the market entered a period of favorable policies + performance support expectations + low valuation resonance. It is recommended to focus on high-quality companies with short-term performance support + low valuation. Suggested attention: 1) Non-ferrous metals are expected to benefit from economic recovery, and strong energy demand drives up prices; 2) Computer sector; the digital economy promotes its development, benefiting from broad future development prospects + policy support expectations; 3) Consumption sector, domestic economy Restoring and superimposing the release of residents’ willingness to consume has brought the industry the strongest deterministic Beta opportunity. After a period of volatility, the profitability of the consumer sector has a high probability of continuing to rebound.
